Colliers International in Greater Phoenix recently completed the sale of the 176-unit San Marin Apartments in Tucson.
Chartwell Capital Partners of North Salt Lake, Utah, purchased the complex, located at 5650 S. Park Ave., from Bridge Investment Group Partners of Murray, Utah.
Cindy Cooke, Senior Executive Vice President of Colliers International in Greater Phoenix, and Brad Cooke, Vice President of Colliers International in Greater Phoenix, served as the brokers for the seller. The buyer was self-represented.
The garden-style apartment property, situated on 5.76 acres, was built in 1986 and began renovations in March 2011. Renovations included upgrades to common areas, new equipment for the fitness center, new playground, new barbeque area, exterior paint, landscaping, lighting, signage, pool resurfacing and asphalt repairs. Additionally, approximately 50 units have been upgraded.
“The San Marin Apartments provide a strong investment opportunity by continuing the interior renovation program started by the seller,” Brad Cooke said.
Unit mix is 88 one-bedroom apartments, 56 two-bedroom/one bathroom apartments and 32 two-bedroom/two bathroom apartments.
